WOOD RIVER – State Senator Rachelle Crowe
(D-Glen Carbon) is encouraging self-employed and small business owners to call their banks immediately to start the process for the Paycheck Protection Program.
“Small businesses fuel the Metro East economy, providing numerous unique opportunities and countless jobs to qualified residents,” Crowe said. “People who are self-employed, own a small business or employed by one are taking the biggest financial hit from the pandemic, and hopefully this program can provide some much needed relief.”
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SBA will accept applications from approved lenders on behalf of eligible businesses starting at 10:30 a.m. on Monday, April 27. Crowe is urging qualified businesses to not wait to apply.
Qualified businesses in one or more of these categories include:
• Self-employed,
• Less than 500 employees,
• Sole proprietor,
• Independent contractor,
• Private non-profit 501(C)(19), and/or
• Veterans organization.
The loan is meant to keep workers of small businesses on the payroll and it will be forgiven if employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
For more information, visit SBA’s website.
